New Delhi, November 2: Ahead of Diwali, Prime Minister Narendra Modi announced a 59-minute loan facility and relaxation in Labour Laws for micro, small and medium enterprises (MSMEs) in the country. Under the new scheme, MSMEs can get a loan up to Rs 1 crore in just 59 minutes through a portal. Calling it a 'Diwali gift', PM Modi said the government has finalised 12 policies to boost the sector.

PM Modi also announced that GST-registered MSMEs will get 2 per cent subvention or rebate on incremental new loans of up to Rs 1 crore. Besides, interest subvention on pre- and post-shipment credit for exports by MSMEs has been increased from 3 per cent to 5 per cent, he said. MSMEs will need single air and water clearance and just one consent to establish a factory.

To rid the sector of inspector raj, Modi announced that inspections of factories in the sector will be sanctioned only through a computerised random allotment and inspectors will have to upload reports on portal within 48 hours. “No inspector can now go anywhere. He will be asked why he went to a factory,” PM Modi said. Rafale Deal: Rahul Gandhi Says, 'It is an Open & Shut Case, Involves Partnership Between PM Narendra Modi & Anil Ambani'.

MSMEs will have to file just one annual return on eight labour laws and 10 central rules, he said, adding that an ordinance has been promulgated to simplify levy of penalties for minor offences under the Companies Act. PM Modi termed the 12 new measures “historic” that will make Deepawali brighter for the sector and its millions of entrepreneurs and employees. All You Need To Know About French Fighter Jets Which Has Pitted Congress, BJP At Loggerheads.

Talking of India jumping 23 places on the World Bank’s latest ‘Ease of Doing Business’ ranking, Modi said in four years his government has achieved what many did not believe and what no other nation has done — leaping from 142nd rank in 2014 to 77th position. Breaking into top 50 rank is not far away, he added.

(The above story first appeared on LatestLY on Nov 02, 2018 06:50 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).